REPORT HIGHLIGHT
The medical gases market is estimated to represent a global market of USD 7.7 billion by 2019 with growth rate of 7.1%. Medical gases are pharmaceutical molecules, specifically used for the medical, biotechnology and pharmaceutical industries. These are widely used for the treatment of patients in hospitals, clinics as well as in emergency services. Additionally, these are used to synthesize, insulate or sterilize medical products. Increasing prevalence of lifestyle and chronic diseases stimulate the market for medical gas during the future period. According to the WHO, the chronic diseases (chronic respiratory diseases, heart disorder, stroke, cancer, and diabetes) are responsible for 38 million deaths (around 68% of all deaths worldwide) in 2012. Each year, 16 million people die from NCDs before the age of 70. Additionally, constant aging population, growing demand for home care, and technological advancements will support the market growth to great extent. However, medical gases and its associated equipment are highly regulated by the Center for Drug Evaluation and Research and the U.S. Food and Drug Administration. A violation of the act leads to court-enforced trials including seizure of the finished product, ingredients, and the equipment; a permanent or temporary ban on the manufacturing or filling of compressed medical gases; and criminal prosecution. Such facts will hamper the market growth.
Product Takeaway
Pure gases, Medical Gas Mixtures, and Medical Gas Equipment are the product segments of the market. Among which, medical gas equipment accounted for the largest share of the market, more than 52% share in 2019. The pure gas segment is divided into Oxygen, Medical Air, Helium, Carbon Dioxide, Nitrogen, and others. These gases are used in variety of medical applications. For example, oxygen is a medical gas, used in all healthcare setting. It is also used for inhalation and resuscitation therapy. Oxygen is used for the treatment of conditions such as cyanosis, COPD, carbon monoxide poisoning, shock, hemorrhage, trauma, respiratory arrest, and cardiovascular disorders.
COVID-19 Impact and Recovery Analysis
The novel COVID-19 has put the world on a standstill, affecting major operations, leading to an industrial catastrophe. This report presented by AnalystView Market Insights contains a thorough analysis of the pre and post COVID-19 market scenarios. The report includes all the recent development and changes recorded during the COVID-19 outbreak and comprehends the analysis of top performer segments and marginal growth segment in blood culture test sector.
Application Takeaway
Application of medical gases in therapeutic field captured the largest share of the global market. In 2019, the therapeutic application recorded 47.23% share of the total market. Therapeutic medical gases offer huge impact as a new and innovative therapeutic tool for unmet medical requirements. There is a broad range of medical gases that are used in treatment such as oxygen, carbon dioxide, nitrogen, oxygen-nitrous, oxide mixtures, helium-oxygen mixtures and laser gas mixtures. For example, the traditional medical gases such as oxygen and nitrous oxide play protective roles in various disease conditions such as respiratory, cardiovascular and blood vessel-related problems. Diagnostic purpose of medical gases is expected to grow at highest growth rate owing to its wide application area. The increase in demand for high-end diagnostics technology and the rising blood gas analysis and lung function testing is further expected to drive the growth of this particular segment.
Regional Takeaway
Regionally, North America and Europe accounted for the largest share, captured more than 70% share of the global market, collectively. Growth of these regions is majorly attributed to the increasing demand for medical gases coupled with rising research and development activities.
Key Vendor Takeaway
The market is competitive in nature. Companies such as BeaconMedæs, Air Liquide, The Linde Group, the H.A.C. Group, Matheson, and a few others present in this market. Companies are investing rigorously to develop new or more efficient medical gas products. For example, SCI Analytical manufacture and supplies a wide range of medical gases and products that can be used by medical devices and pharma distributors as well as manufacturers. The company employs professional engineers, specialized gas scientists and research and development technicians to design new technology integrated medical gas products.
The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19 impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.